Cracking down on alleged wealth stashed by Indians abroad, the government has initiated enquiries in several cases while information has been received in 67 such cases and prosecution for wilful tax evasion has been launched in 17 other cases.
The income tax department has not been able to make any headway in detecting the offshore investments by Indians, including 20 big names from Andhra Pradesh, in the safe havens abroad.
Global economic body OECD today unveiled a new "game-changing" mechanism to combat the menace of offshore tax evasion, a protocol to which India is a signatory with the purpose of tackling blackmoney.
Liechtenstein's Foreign Affairs Office Director, Martin Frick, and China's Consular General in Zurich, Liang Jianquan, have recently signed in Vaduz a Tax Information Exchange Agreement (TIEA) between the two countries.
Punongbayan & Araullo, part of Grant Thornton International, and Navarro Amper & Co, a Deloitte member firm, have agreed to merge.